Reliance Group’s telecom arm Reliance Jio, has always set big targets, creating ripples in the market. Once again, the LTE-only telecom operator of India has embarked upon a mighty task to cover 99% of India’s population by the end of FY18. “India’s digital services market is continuing its exponential growth trajectory with Jio expanding its coverage and further deepening in existing areas to achieve 99% population coverage during FY 2018-19,” Reliance Industries Limited (RIL), said in its annual report.
The RIL’s latest annual report has stated that it will leverage the strength of group’s telecom vertical, Jio, to further consolidate its position in the organised retail sector in India through aggressive expansion plans. As per its strategy, it would continue to expand network in tier II and III cities in the country, and has identified four key pillars to achieve expansion that includes — augmenting geographical reach, innovating newer store concepts and channels, enhancing customer experience and leveraging technology.
Reliance Jio is the only operator in the country to offer VoLTE service across the country, and has amassed 186.6 million subscribers (data up to March 2018), through its aggressive pricing strategy.
“Our new-age consumer businesses achieved leadership positions nationally – their growth rates outpacing the best in the world. Jio, now the world’s largest and fastest growing mobile data network, stunned the world and made us proud by turning profitable in the very first year of operations,” a TelecomTalk report quoted RIL Chairman and Managing Director Mukesh Ambani as saying.
The report said that Mukesh Ambani further stated that Jio is now accounting for 13.1% of Reliance Industries Limited’s consolidated segment EBITDA in FY 2017-18, adding “This was achieved notwithstanding a sharp 33.6% spurt in consolidated EBITDA to Rs 74,184 crore.”
The annual report reportedly stated that Jio recorded a revenue of Rs 23,916 crore in the very first year of commercial operations. The gross debt of RIL was Rs 2,18,763 crore during 2017-18, which also includes standalone gross debt of Rs 58,392 crore of Reliance Jio.